Type of Loan: Repayment only for purchase, remortgage or capital raise.
Loan to Value: Varies from lender to lender, for non residents 70% loan to value is normal.
Term: 5 to 20 years up to age 70. Life assurance may be required.
Interest rates: Please contact IMM for a personal quote
Proof of Income: This is required by all lenders, all loans are full stautus and so 2-3 years income evidence is required. Please contact IMM for further details.
Fees: Bank fees are typically 1% to 2% of the mortgage amount and on average purchase transfer tax is circa 3% of the price paid. There will also be legal fees and valuation fees which will depend on the value of the property and amount of mortgage although for a property under 500,000 Euro the valuation is normally around 400Euro.
Legal issues and Valuation
Remember: don't sign anything or put down a deposit until you have taken legal advice. Your lawyer will be able to extensively cover the legal costs and taxes you are liable for prior to committing yourself to a purchase or remortgage. IMM will liaise with your lawyer throughout the process. We will obtain the necessary official documentation recording the registraty of the property, this will inclide a copy of the Tapu (Title deed); and a copy of the Certificate of Permission for Building. You will also need approval from the Ministry of Defence and a Turkish tax/social security number Useful Terms.
Applying for a Mortgage
Please contact us as soon as possible to arrange an approval in principle. This will enable you to find out how much you can borrow and obtain initial terms. If you haven't found a property that you want to buy we can help you to establish your affordability and issue an approval in principle based on your current financial situation. See Useful Terms for an explanation of some legal terms.
International Mortgage Management is a registered trading name, that complies with data protection and holds a consumer credit license. Your property may be re-possessed if you do not keep up repayments on your mortgage. The exact fee for our service will depend on your circumstances and the location of the property. The Financial Services Authority (FSA) is the UK's mortgage regulator however it does not regulate international mortgages. We are not tax advisor's, and do not offer any advice or recommendation on tax or legal issues. All comments and figures are for illustrative purposes only; we strongly recommend that you see an independent tax advisor and lawyer. All mortgages are subject to status and offer and will not be binding unless stated otherwise. Flag images are provided by www.3DFlags.com.
